Having a cryptocurrency wallet is one way that investors and traders should take note when exploring diving into the crypto world. This is where you could save your assets for safe-keeping. You can also hold your digital currencies here so you can easily cash in and out whenever you need.
The most common crypto wallet can be accessed through several apps you can download from your phone. Having said that, there are many things to consider when choosing a crypto wallet.
But how about creating your own digital wallet? Here’s a quick step to check if you are planning to make one.
Importance of Crypto Wallet
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Here’s a brief guide that you can follow to get started creating your first and very own cryptocurrency wallet.
According to Coinbase, this virtual asset storage allows you to hold your cash just what a normal wallet does. The only difference is they are all digital, and you could access them using a private code.
If ever you want to withdraw money from the crypto wallet, all you have is to enter your private key. However, if you lose access to it, you will also be deprived of access to your money. With that, make sure that what you are using has a large user base and has a lot of positive reviews from many investors.
What Can You Do With a Cryptocurrency Wallet
The same outlet reported that here are the things that you can do if you have a virtual wallet.
- Private key control
- Digital asset management
- Cryptocurrency sending and receiving
- Username interaction (sometimes hexadecimal addresses)
- Decentralized finance apps (dapps) browsing
- Shopping using cryptos
Related Article: Best Cryptocurrency Mining Software in 2021 | Features, Prices, and More
How to Create Your Own Crypto Wallet
In another report by Read Write, this quick series of procedures will help you to make your digital wallet as early as now.
Do API wallet configuration to manage permissions. You can get started coding by going to platforms such as GitHub.
- Choose a password for the wallet but do not share it with others.
- Make a private key that you can use to access your assets.
- Experiment making some outgoing transactions
- Proceed to generate a dedicated wallet address.
- Conduct tests to see if the UI is going well or not.
- Put some cryptos to get started.
Diving into More Technical Approach
If you are serious about launching your crypto wallet for your funds, here’s a more technical take that you need to remember.
- Start with API installation from websites such as NOWNodes
- Prepare templates for your app.
- Use open-source libraries.
- Set your chosen wallet name and check permissions.
- Integrate third-party programs with the digital wallet.
- Think of interesting features that you want to add to your crypto wallet.
- Code the app and combine it with the database that you have.
- Make sure to establish a user-friendly UI.
- Do a lot of test runs before launching it to the public.
If you want to read more crypto-related stories, you can check our recent article about the most recommended cryptocurrency portfolio tracker apps that you can use.
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Written by Joseph Henry
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